Sjælsø sells three retail properties to a Norwegian investment company for approx. NOK 175 mln. (NO)

Sjælsø Norge AS, Sjælsø's Norwegian subsidiary, has signed an agreement with a Norwegian investment company, owned by AKA AS og Skrindo Holding AS for the sale of three retail properties totaling 13,500 m² in Gjøvik, Moss and Porsgrunn.

The handing over to the investor of this 7,350-m² property in Moss is expected to take place in the autumn of 2010.

Except for the project in Gjøvik which has been commissioned and, therefore, will be handed over now, the properties will be transferred to the investor upon completion.

For all the projects long-term leases have been signed with well-established retail chains, including: JYSK, Monter Stormarked and Lefdal Elektromarked.

The property in GjøvikThis new-built property of 1,470 m², has been let to JYSK and ill now be handed over to the investor. The property is located in a trading area comprising several other retail chains.

The property in PorsgrunnThis new-built property of 4,650 m² has been let to the IY/homeimprovement chain Monter and JYSK. Handing over is expected to take place during the spring of 2010.

Property in MossThis new-built property of 7,350 m², is let to Lefdal Elektromarked og JYSK. The property is located in one of Moss' largest trading areas. The handing over to the investor is expected to take place in the autumn of 2010.

The expectations for 2009Sjælsø maintains its previously announced expectations for the 2009 financial year. The result for 2009 is still expected to be positive before any value adjustments/write-down and tax.